News Corp shareholders approve split

June 11, 2013

News Corp. says its shareholders have approved a plan to split into two publicly traded companies.

The company says approval came with an overwhelming majority of support. It did not immediately break down vote totals.

News Corp. said Tuesday that it expects to complete the separation of its entertainment and publishing businesses on June 28. The company's board of directors approved the split last month.

After the split, the company holding its TV and movie properties will be 21st Century Fox. The new News Corp., a smaller entity, will be focused on newspapers and publishing. Both will be publicly traded, under separate ticker symbols.

News Corp. says that the insurers backing its board of directors will pay the company $139 million to settle shareholder lawsuits over the British phone hacking scandal and the controversial purchase of an entertainment company ...

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